Global Naphthenic Base Oil Market: Snapshot
The global naphthenic base oil market is rising moderately in the recent years and going forward it is likely to progress this way. The growth of the naphthenic base oil market is primarily attributed to the favorable physical properties of naphthenic base oil that makes it ideal for several formulations such as for gear oil, process oil, plasticizers, adhesives & sealants, and oil expender polymers. These end products are further used in various end-use industries such as automotive and industrial applications.
The rising adoption of electric and hybrid vehicles to reduce carbon emissions, which is stoking demand for electrical oil and process oil is indirectly benefitting the global naphthenic base oil market. Further, substantial research initiatives for enhanced product performance and to introduce new products is also boosting the growth of naphthenic base oil market.
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As per a report by Transparency Market Research (TMR), the global naphthenic base oil market is projected to become worth US$2,605.7 mn by 2025 end increasing from US$1,640.4 mn in 2016 at a CAGR of 5.3% during the forecast period from 2016 to 2025.
The report studies the global naphthenic base oil market on the basis of a few parameter, viz. viscosity index, application, and geography. On the basis of viscosity index, the market is classified into 35-60 SUS, 80-130 SUS, 200-300 SUS, 400-800 SUS, and above 1200 SUS. The demand for 35-60 SUS segment is anticipated to rise significantly over the forecast period as it displays notable features such as low pour point and low temperatures. The 400- 800 SUS, 200-300 SUS, and above 1200 SUS segments are also expected to exhibit substantial growth over the forecast period on the back of rising demand or high solvency products in several end-use industries such as automotive and metal working.
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In terms of application, the key segments of the global naphthenic base oil market include metal working, process oil, electrical oil, industrial lubes & grease, rubber oil, and others. Vis-à-vis revenue, process oil currently holds the leading more than 30% share in the global naphthenic base oil market. The growth of this segment is mainly because of increasing demand for greener tire formulation that providse lower rolling resistance, lower fuel consumption, and lower carbon dioxide emissions. Naphthenic process oil provides better grip to tires, which helps to boost vehicle safety on the roads.
The electrical oil segment is also anticipated to exhibit significant growth due to the rising adoption of hybrid vehicles such as solar-powered vehicles and electric vehicles. On the other hand, industrial lubes & grease segment is expected to display moderate growth due to the availability of substitutes such as Group II and Group III base oils.
In terms of geography, the global naphthenic base oil market can be segregated into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. At present, North America accounts for the leading consumption of naphthenic base oil due to the continual growth of the automotive industry. Declining Group I production capacity and rising demand for high solvency formulations for the automotive sector is boosting the naphthenic base oil market in North America.
In addition, substantial investments by several governments in the region in the energy and power sector which is driving the demand for electrical oil is indirectly benefitting the naphthenic base oil market in the region.
Europe and Asia Pacific collectively account for more than 45% consumption of naphthenic base oil globally. Expansion of the automotive sector in China, India, and other countries in Southeast Asia and rising adoption of hybrid vehicles for environmental reasons is boosting the growth of naphthenic base oil market in Asia Pacific.
Prominent companies in the global naphthenic base oil market profiled in this report include Nynas AB, Royal Dutch Shell Plc., Calumet Specialty Products Partners L.P., Ergon LLC, and Chevron Corporation.